A principal objective of agile development methods is to reduce risk thereby resulting in more successful and effective information systems. However, while there is an extensive body of academic literature on risk management, very little research has attempted to rigorously apply this as a lens to study risk management in agile development projects. The purpose of this research was to ascertain the extent to which risk management practices are incorporated into agile development projects. A case study was conducted involving a change management consultancy firm whose main business involved the deployment of agile approaches. The study found that while there is a perception that risk management practices are not carried out in agile environments, the extent to which risk management is conducted on these projects is in some cases just as substantial to that carried out on traditional projects. In fact, in this case it appeared that the teams were more rigorous in their risk management than is often the case.